With the Bitcoin price exceeding $52,000, investors started looking for new opportunities in altcoins. Chainlink (LINK) and Solana (SOL) attract attention as two altcoins where a big rise is expected in the future.
Chainlink Price Rally
This past weekend, Chainlink (LINK) price rose above $20. However, it could not maintain this momentum due to selling pressure at the resistance level. On the other hand, on a positive note, LINK price is trading at $19.97, which is very close to the resistance level. In addition, it has increased by 6% in the last 24 hours.
During the recent rally, LINK price reached a 22-month high, supported by increased network activity and falling currency supply. Chainlink’s latest price increase is powered by three key on-chain metrics. Active Addresses, Daily Active Addresses and Supply on Exchanges. Throughout February, Active Addresses experienced multiple increases and reached a peak of 6,493 on February 2, as shown on the Santiment chart.
Additionally, LINK’s supply on exchanges decreased in February. In this context, it decreased from 219.51 million on February 2 to 211.61 million on Wednesday. This month, LINK supply has decreased by 4%, potentially reducing the selling pressure on the Chainlink token. This trend is consistent with a positive bullish expectation for Chainlink.
A rise in LINK price above $20, followed by strong volumes, could pave the way for a rise to $25.
Solana SOL Price Awaits the Big Break
Famous analyst Rekt Capital, solana He detected a promising formation for In this context, it indicates that a potential rally will continue. did. Solana suffered no small decline. However, it quickly gained upward momentum and formed the Ascending Triangle formation.
According to the analyst, the critical point for the breakout to be confirmed is for Solana to reclaim the top of the triangle as support. If this happens, the analyst is likely expecting a bullish surge above the $123 resistance level. Beyond this level, SOL price could rally towards $140. This observation supports Solana’s cryptocurrency It emphasizes the price movement shaped around the increasing optimism in the market.
Didn’t even have to dip too much before resuming its rally
In fact, #LEFT is forming an Ascending Triangle here
Reclaim the triangle top as support & Solana will confirm the breakout which should surely see price breach the $123 resistance (black)#LEFT #totheleft #Bitcoin https://t.co/ycRqHyCp7P pic.twitter.com/CJtQRKymtk
— Rekt Capital (@rektcapital) February 14, 2024
At press time, Solana is trading at $115, up 2.51%, with a market cap of $50.5 billion.
